“A provisional order to seize our existing gold stock was issued last week and the Malian government began its enforcement on Jan. 11,” Barrick said in the staff memo.
Two Barrick employees in Mali and a consultant working for mining companies confirmed the authenticity of the letter seen by Reuters. Speaking on condition of anonymity, the employees said it was sent to staff on Sunday. Barrick has not said what volume of gold is at risk, but one of the employees said Loulo-Gounkoto’s stock was around 4 metric tons, citing internal estimates. This amounts to nearly $380 million, based on spot gold prices XAU= on Monday.
Responding to a request for comment, Barrick said it had nothing to add beyond what it said in a Jan. 6 statement.
In that statement, the world’s second-biggest gold miner by volume had warned that it would have to suspend operations at Loulo-Gounkoto temporarily if restrictions…
